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Snowfield Development Corp. ("Snowfield") announced on May 4, 2006 in a news release (NR06-20) it had negotiated a non-brokered private placement offering of 1,000,000 Units at a price of $0.155 per Unit for proceeds of $155,000. Each Unit was to consist of one (1) common share and one (1) non-transferable share purchase warrant. Each Warrant was to be exercisable for a period of two (2) years entitling the holder to purchase one (1) additional common share in the capital stock of Snowfield at a price of $0.155 per common share in the first year and $0.20 in the second year.
The private placement was subscribed for in total by Mr. Robert Paterson, President and Director of Snowfield to replace an equal number of shares recently sold privately by Mr. Paterson at a price of $0.15 per share.
Snowfield today announces the private placement has been revised and will now be for 1,500,000 Units at a price of $0.15 per Unit for proceeds of $225,000. Each Unit will consist of one (1) common share and one (1) non-transferable share purchase warrant. Each Warrant will be exercisable for a period of two (2) years entitling the holder to purchase one (1) additional common share in the capital stock of Snowfield at a price of $0.15 per common share in the first year and at $0.20 per common share in the second year. The original documentation submitted to the TSX Venture Exchange (the "Exchange") with respect to the original private placement has been withdrawn and revised documentation will be submitted to the Exchange with respect to the revised private placement. The revised private placement of 1,500,000 Units remains fully subscribed for by Mr. Robert Paterson.
The proceeds of the private placement are being applied to programs of exploration on Snowfield's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km south of Yellowknife, N.W.T. and to working capital for administrative expenses, accounts payable and operational expenses. Any funds received by Snowfield from the exercise of Warrants will be added to general working capital. The common shares from the Units and the common shares from the exercise of Warrants, if any, will be subject to a hold period of four (4) months from the distribution date, the expiry date of each Warrant will be two (2) years from the closing date.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents hereof.